Don Wixom of RE/Max Advantage to Speak to Nampa Chamber of Commerce About Idaho Real Estate Market
As part of the Nampa Chamber's Business and Breakfast series, Don Wixom REALTOR® will be speaking about the local real estate market.
Online PR News – 11-April-2012 –BOISE, Ida. - RE/MAX Advantage Broker/Owner Don Wixom will be speaking on Thursday April 12th at 7:30 am at an event hosted by the Nampa Chamber of Commerce at the Hampton Inn and Suites in Nampa. The event is part of the monthly Nampa Chamber of Commerce Business and Breakfast series.
When looking over the Boise Idaho Real Estate market, the median price range is between $100,000 - $150,000. In this price category, 111 of the 255 "Active" Boise homes have offers in place, waiting for third-party short sale approval from the seller's lenders! That's 44% of the market!
That only leaves 144 houses in this price range to buyers seeking a new Boise home.
When you consider 98 homes have sold each month in Boise, in this price range, that is only 1 1/2 months supply of inventory.
Choosing the right home improvement can be the difference in a low sales offer or a great sales offer!
Some of the top recommended projects for Idaho real estate are replacing the front door and/or the garage doors, replacing exterior siding with fiber cement siding, minor kitchen remodels or adding a wood deck.
Idaho Short Sale- What IRS Form do I use for forgiven debt?
Many Idaho home sellers were able to avoid foreclosure by going through the short sale process.
Often times, the short sale lender will issue the home seller a 1099-c form. This information must be reported on your annual income tax return.
For most home owners who short sold their primary residence, this forgiven debt may be non-taxable. It is important to consult your tax professional or attorney for taxation issues.
The Debt Forgiveness Act of 2007 offers forgiveness of income tax for forgiven debt to most home owners. This Act was extended through the end of 2012. Though most home sellers may not have to pay taxes on the foregiven debt, there are exceptions.
Supply and Demand is hard at work on Idaho Real Estate
When calculating absorption rates for available inventory of Idaho real estate, we take the average number of homes sold each month over a period of time then divide that by the current available inventory, giving us the number of months of supply available.
A typical market is about 6 months of supply. When inventory is over 6 months, it is considered a buyer's market. Anything under 6 months of supply is considered a seller's market.
You can calculate this absorption rate in many price ranges and geographic areas. The graph below shows all price ranges in both Canyon County real estate and Ada County real estate by number of units.
Taking a look back over the past 10-11 years, we can see where Treasure Valley home prices have come and gone. With the bubble in the Idahoreal estate market, prices peaked in 2007 and began to fall as rapidly as they went up.
Looking at homes in the Boise area, including Canyon County homes sold and Ada County homes sold, we experienced nearly doubled values and then... a cut in half!
Don Wixom RE/MAX Advantage 5680 E Franklin Rd Ste 100 Nampa, ID 83687 Direct: (208) 880-5039 Office: (208) 466-0002 Fax: (208) 466-2227 Email:
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